Chipcare explains why its blood-testing technology is not the next Theranos

Just a few days ago, an academic study about Theranos, a Silicon Valley-based blood testing company that lets users test with a prick of a finger, found that its tests may not be as accurate as the company claimed. The company is currently valued at $9 billion.

In light of this, The Disruptors feature interview with Toronto-based Chipcare is particularly interesting. The company closed $5 million in series A financing last year, and develops a handheld cell organizer based on mobile technology, allowing patients to test for multiple diseases with a drop of blood.

“We’re not using Star Trek technology. Our play is a miniaturization play, so we’re taking 30-year-old technology that’s robust and used for decades and well-characterized, and we’re able to put it on cartridge,” said CEO James Fraser. “Can we do every test with the amount of blood that we can pull off a finger stick? I’m not gonna guarantee anything, but a lot of the ones we’re testing in the beginning, for sure we can.”

The company is currently look to raise $9 million in its Series B round, and is almost halfway there. “We have a pretty extreme burn rate, which has to do with the fact that we’re starting to scale manufacturing, which takes a lot of money.”